South America Cardiac Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

South America Cardiac Monitoring Market Analysis

The South America Cardiac Monitoring Market size is estimated at USD 2.25 billion in 2024, and is expected to reach USD 2.71 billion by 2029, growing at a CAGR of 3.81% during the forecast period (2024-2029).

The outbreak of the COVID-19 pandemic has pushed the healthcare industry into action, with a race to develop both therapeutic and preventive drugs. Exponentially increasing cases of the coronavirus worldwide are leading to the need for the development of novel treatments, with several clinical trials underway. Initially, the pandemic imposed an adverse effect on the market in Latin America. For instance, as per the study titled, "The Impact of COVID-19 on Diagnosis of Heart Disease in Latin America an INCAPS COVID Sub-analysis" published in April 2022, COVID-19 was associated with a significant decrease in cardiac diagnostic procedures in South America, which was mainly related to social distancing rather than the incidence of COVID-19. It also stated that the pandemic has disrupted the delivery of care for cardiovascular diseases in South America. Similarly, as per the study titled, "International Impact of COVID-19 on the Diagnosis of Heart Disease" published in January 2021, globally, cardiac diagnostic procedure volumes decreased by 42.0% from March 2019 to March 2020 and by 64.0% from March 2019 to April 2020 with which the greatest regional decreases was in South America. Furthermore, according to the study titled, "Physicians' perceptions on the impact of COVID-19 in coronary artery disease diagnostic imaging and treatment: A Latin America survey. For the Society of Cardiovascular Imaging of the Inter-American Society of Cardiology" published in June 2022, the pandemic severely impacted the clinical management of coronary artery diseases in South America. Therefore, such instances indicate that the market witnessed a slow growth during the pandemic. However, with the ease of restrictions and lockdown, the market is expected to gain momentum, thereby considerable growth is anticipated over the forecast period.

The rise in the incidences of cardiovascular diseases and investments in research and development for product development and demand for home based, point of care & remote monitoring cardiac systems are the major drivers for the market. For instance, according to the study titled, "Evaluation of cardiometabolic profile in Health Professionals of Latin America" published in August 2021, the prevalence of risk factors for cardiovascular diseases among the South American physicians was relatively high. It also reported that, the prevalence of high-risk scores for cardiovascular diseases and diabetes mellitus was high and healthy lifestyle habits were low. Similarly, as per the study titled, "Epidemiology of Hypertension and Diabetes Mellitus in Latin America" published in February 2021, in South America, hypertension, prediabetes, and type 2 diabetes mellitus prevalence range varies from 30.0% to 50.0%, 6.0% to 14.0%, and 8.0% to 13.0% respectively . It also reported that the proportion of awareness, treatment and control of hypertension was very low in Latin America. All these conditions are associated with increased risk of cardiovascular diseases owing to which such instances are anticipated to propel the cases of cardiovascular diseases. Since, cardiac monitoring devices are one of the essential requirements for the diagnosis of cardiovascular disease, therefore, significant market growth is expected over the forecast period.

However, risk of infection due to implantable monitoring devices is anticipated to hinder the market growth over the forecast period.

South America Cardiac Monitoring Market Trends

This section covers the major market trends shaping the South America Cardiac Monitoring Market according to our research experts:

Hospitals and Clinics is Expected to Witness Growth Over the Forecast Period

South America Cardiac Monitoring Industry Segmentation

As per the scope of the report, cardiac monitoring devices are used for the observation of cardiac activity. Continuous monitoring of the heart is mandatory to assess the patient's condition suffering from cardiovascular diseases. Cardiac monitoring devices record and display pressure and electrical waveforms of the cardiovascular system for measurement and treatment. The South America Cardiac Monitoring Market is segmented by Device Type (ECG Monitor, Event Recorder, Implantable Cardiac Loop Recorder, Pacemaker, Defibrillator, Cardiac Resynchronization Therapy (CRT) Devices, Smart Wearable, Other Device Types), End Users (Hospitals and Clinics, Home Care Settings, and Other End Users), and Geography (Brazil, Argentina, and Rest of South America). The report offers the value (in USD million) for the above segments.